Whose account has had unusual transactions. If you have also done a big transaction from your account and have not paid income tax accordingly, then you need to be careful.

The Income Tax Department is rapidly scrutinizing such accounts through AI to keep an eye on them. If you have transacted Rs 50,000 or more in cash from your account, then you are inviting an Income Tax notice.

What do experts say

According to CA Yogendra Kapoor, under the Income Tax Act, such people have to inform the department about their unusual transactions or the correct source of their income. If they do not do so, the Income Tax Department can send a notice to such people. Suppose you have repeatedly deposited or withdrawn more than 50 thousand rupees from your account, then you will have to tell the source of this to the Income Tax Department. Actually, the bank sends its information to the Income Tax Department through the Annual Information Report i.e. AIR. On the basis of which the Income Tax Department decides whether there has been an unusual transaction in this person’s account.

How much money can I deposit in the bank

According to experts, you can deposit or withdraw any amount in your account. But if the amount is large and transactions are happening frequently, then you have to inform the Income Tax Department about it. If you deposit more than 10 lakh rupees in your savings account in a financial year, then you will have to inform the Income Tax Department about it. Similarly, if you have deposited or withdrawn 50 thousand rupees or more once, then you may have to inform the department about it. In such a situation, if you do not want to get into any trouble, then you should avoid making big transactions.

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The Income Tax Department is keeping an eye on the taxpayers who have done high value transactions in this financial year. The Income Tax Department is sending a message to taxpayers doing high value transactions. The Income Tax Department has made a post regarding this on X (formerly Twitter).

Some references have come to the notice of the Income Tax Department regarding recent communication sent to taxpayers pertaining to transaction(s) made by them.

Taxpayers may pl note that such communication is to facilitate the taxpayers & make them aware of the information…

— Income Tax India (@IncomeTaxIndia) December 26, 2023

Meaning of the message sent by the Income Tax Department

Income Tax Department is sending messages to many taxpayers regarding high value transactions. The department is advising the taxpayer through SMS. Many people are considering this message as a notice, whereas let us tell you that this is not a notice but an advice is being given by the department. The department is advising the taxpayer to file revised returns on time.

The department said in its ex-post that taxpayers can fill the feedback online on the official portal of the department. Apart from this, taxpayers can also modify the return.

You have also received the message from ITD

If you have also received a message from ITD, then first of all you will have to remove AIS. After this you match the AIS with the returns. If there is any mismatch, you can file a revised return. You can respond on the Compliance Portal on the official portal of the Income Tax Department.

To respond on the Compliance Portal, you have to log in to the e-filing portal ( www.incometax.gov.in/ ) . After this you have to go to Pending Action and select Compliance. Now after clicking on the ‘e-Campaign Tab’, high-value transactions will be shown. Here you can enter the reply for these transactions.

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Many people cheat investors in the stock market. But now the Security Exchange Board of India has come up with a new rule for the investors. After the implementation of which money will be deducted from investors’ accounts only when investors buy shares. Broker’s commission will also not be charged before the share transaction is done. For example, the service of ASBA is taken advantage of in IPOs. Similarly, now ASBA will be implemented in the stock markets as well. After which the fraud in the stock market will be curbed.

What is ASBA?

Application Supported by Blocked Amount (ASBA) is used in India for initial public offering or follow-on public offering. In which the amount is deducted from the bank account of the investor only when the shares are allotted to him. In this rule, the amount of the first investor is blocked. Which is deducted after every transaction. Now the same rule is going to be implemented in Savvy stock market as well. SEBI will implement this rule from 1 January 2024.

Security Exchange Board of India i.e. SEBI said that through ASBA i.e. Application

Supported by Blocked Amount, people investing in the stock market can be protected from fraud. After the implementation of ASBA, the money is deducted only until the process of buying and selling of shares is completed. It remains in the hands of the investors that the amount they want to block outright, they will get the facility to deduct from the account several times. The amount of share investors is first sent to the clearing corporation. Where the amount can be withdrawn only on the purchase and sale of shares. This facility can be availed on the basis of UPI.

Investors will have options

Your money is blocked under ASBA. Which is deducted from your account only when the share transaction is done. But it completely depends on the investors and brokers whether they want to avail this facility or not. But investors who have multiple broking accounts can use non-UPI facility for some accounts and UPI facility for other accounts if they so desire. After implementing this new rule of SEBI, the fraud in the stock market can be reduced to a great extent.

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According to this rule, now customers will not get messages for some UPI transactions. Now in such a situation, if the money is deducted due to failure of payment many times, then they may have to face trouble.

The bank has given this information to its customers through messages. Let us know that for the amount of UPI transactions, the customers will not get the message and where can the customers get the information about it.

SMS will not come for these transactions

On Thursday, the bank informed its customers through a message that now customers will not get the message of debit of less than Rs 100. On the other hand, even if an amount of Rs 500 or less comes to your account through UPI, you will not get its message. The bank has implemented this rule with immediate effect from May 15. However, customers will get complete details of their money in their bank statement.

To get the message, you have to do this work

If customers want SMS for every transaction, they will have to enable SMS banking from their Kotak mobile banking. After this they will get the message of every transaction.

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How to make UPI payment through Kotak Bank’s app

1. First of all, you have to open Kotak’s mobile app.
2. Now you have to go to My Kotak or Banking section and click on BHIM UPI.
3. Now click on Manage VPA and click on Create VPA.
4. Now select your account which you want to link with VPA.
5. Now enter your VPA.
6. Now check your details and click on confirm.
7. Now you will be able to use UPI from Kotak’s Mobile Banking App.

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The Reserve Bank of India (RBI) has announced the launch of a pilot project of Digital Rupee at the retail level. RBI has informed that it will bring a pilot project for Retail Central Bank Digital Currency (CBDC) from December 1.

RBI gave information

According to the information given by RBI, on December 1, retail will launch the first batch for Digital Rupee (e₹-R). The digital rupee will be in the form of a digital token, which will remain legal tender. The digital rupee will be issued in the same denominations in which paper currency and coins are currently issued. RBI has informed that on December 1, this test will be done at selected places in the Closed User Group (CUG). This will include both the customer and the bank merchant. Right now 4 banks have been included in this.

Know how the transaction will happen

RBI said that merchants can be paid using QR codes at merchant establishments. Users will be able to transact with e-R (e₹-R) through digital wallets offered by partner banks and stored on the mobile phone. Transactions Person to Person (P2P) and Person to Merchant (P2M) can be both.

These four banks were included

Let us tell you that four banks including State Bank of India and ICICI Bank will be included in this test, which will be tested in Delhi, Mumbai, Bengaluru and Bhubaneswar. Let us tell you that the digital rupee will be distributed through banks and users will be able to transact in e-rupee through digital wallets offered by banks participating in the pilot test. That is, the customers of these banks will get its benefit.

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In view of the incidents of fraud, SBI has made cash withdrawal from ATMs more secure. In view of this, OTP is sent to the customer’s mobile. Then the same OTP has to be entered in the ATM. The name of this new service is OTP based cash withdrawal facility. OTP is received on whatever mobile number of the customer is entered in the bank.

One time transaction can be done with one OTP. It is a means of verification of the customer. With this, the same person will be able to withdraw money from the ATM whose OTP will be sent to his mobile. And the OTP will go to the mobile of the same person who has an account in SBI. State Bank has described OTP based cash withdrawal as a vaccination against fraud people. SBI says that protecting customers from fraud is its priority.

Also know how to withdraw money from OTP. Actually, when a customer puts a debit card in an ATM, then an OTP comes on his mobile phone. The customer has to first enter this OTP at the ATM. Only after that the process of cash withdrawal will start. Therefore, if you are a customer of SBI and are going to withdraw money from SBI ATM, then do not forget to take mobile phone along with you.

The OTP sent to your mobile is a 4 digit number. This OTP tells that the customer is correct as it is sent to the registered number. OTP is being used in the transaction for authentication or rather for verification. Nowadays OTP has been implemented in almost every banking service so that fraud can be got rid of. Fraudsters will not be able to withdraw cash from OTP based ATMs.

For OTP based cash withdrawal, if the customer wants to withdraw more than Rs 10,000, then he has to enter the OTP. Apart from this, the customer will also have to enter the PIN number of the debit card. This gives double security in ATM withdrawal. First OTP and then Debit Card PIN. Then money can be withdrawn from ATM.

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